{"slug":"tsmc","name":"TSMC","name_en":"TSMC","ticker":"TSM","updated_at":"2026-06-20","canonical":"https://valuechain.wiki/tsmc","kicker":"파운드리 · 첨단 패키징(CoWoS)","kicker_en":"Foundry · Advanced packaging (CoWoS)","lead":"세계 1위 반도체 파운드리. FY2025 매출 약 NT$3.78조(HPC 58%). NVIDIA·AMD·Apple 등 팹리스 칩을 위탁생산하고 CoWoS로 HBM 패키징. 장비는 ASML(EUV) 등에서 매입.","lead_en":"The world's largest semiconductor foundry. FY2025 revenue about NT$3.78T (HPC 58%). Makes chips for fabless designers such as NVIDIA, AMD and Apple, and packages HBM with CoWoS. Buys equipment from ASML (EUV) and others.","segments":{"fy":2025,"parts":[{"desc":"고성능컴퓨팅·AI 가속기","name":"HPC","share":"58%"},{"desc":"모바일 AP","name":"스마트폰","share":"29%"},{"desc":"차량용","name":"오토모티브","share":"5%"},{"desc":"IoT·소비자","name":"기타","share":"8%"}],"total":"약 NT$3.78조 (FY2025)","source":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","concentration":"최대고객 NVIDIA 19%, 2위 Apple 17% (2025). 10대 고객이 78%"},"segments_en":{"parts":[{"desc":"High-performance computing and AI accelerators","name":"HPC","share":"58%"},{"desc":"Mobile APs","name":"Smartphone","share":"29%"},{"desc":"Vehicles","name":"Automotive","share":"5%"},{"desc":"IoT and consumer","name":"Other","share":"8%"}],"total":"about NT$3.78T (FY2025)","concentration":"Largest customer NVIDIA 19%, second Apple 17% (2025). Top 10 customers are 78%"},"edges":[{"direction":"revenue","counterparty":"NVIDIA","counterparty_slug":"nvidia","confidence":"high","metric":{"type":"revenue_share","unit":"pct","basis":"TSMC 매출 비중(NT$726.9B/$23.2B)","value":19,"period":"2025","basis_en":"share of TSMC revenue (NT$726.9B/$23.2B)","qualifier":"exact"},"note":"TSMC 최대고객(2025). AI 가속기 웨이퍼 + CoWoS 패키징. NT$726.9B($23.2B), 매출의 19%로 Apple 추월.","note_en":"TSMC's largest customer (2025). AI accelerator wafers plus CoWoS packaging. NT$726.9B ($23.2B), 19% of revenue, overtaking Apple.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F (FY2025, 2025-12-31)","title_en":null,"excerpt":"TSMC 20-F: 최대고객이 2025년 매출의 19% 차지(2위 17%).","excerpt_en":"TSMC 20-F: largest customer accounted for 19% of 2025 net revenue (second 17%)."},{"stance":"confirms","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-01-26","url":"https://www.cnbc.com/2026/01/26/nvidia-set-to-supplant-apple-as-tsmcs-largest-customer.html","title":"Nvidia set to supplant Apple as TSMC's largest customer","title_en":null,"excerpt":"NVIDIA가 Apple을 제치고 TSMC 최대고객으로. 2025년 매출의 19%(NT$726.9B/$23.2B), 전년 12%에서 급증.","excerpt_en":"NVIDIA overtook Apple as TSMC's largest customer, 19% of 2025 revenue (NT$726.9B/$23.2B), up from 12%."},{"stance":"confirms","publisher":"블로터","publisher_en":"Bloter","kind":"news","lang":"ko","published_at":"2026-01-23","url":"https://www.bloter.net/news/articleView.html?idxno=652815","title":"엔비디아, 애플 제치고 올해 TSMC 최대 고객 부상","title_en":"NVIDIA overtakes Apple to become TSMC's largest customer this year","excerpt":"엔비디아가 약 234억 달러로 TSMC 매출의 19%를 차지하며 애플(17%)을 제치고 최대 고객 등극. 전년 12%에서 급증. TSMC 총매출 약 1,224억 달러(+31.6%).","excerpt_en":"NVIDIA reached about $23.4B, 19% of TSMC revenue, overtaking Apple (17%) as the largest customer, up from 12%. TSMC total revenue about $122.4B (+31.6%)."}]},{"direction":"revenue","counterparty":"Apple","counterparty_slug":"apple","confidence":"high","metric":{"type":"revenue_share","unit":"pct","basis":"TSMC 매출 비중(NT$645.1B)","value":17,"period":"2025","basis_en":"share of TSMC revenue (NT$645.1B)","qualifier":"exact"},"note":"오랜 최대고객에서 2위로(2025). 모바일 AP. NT$645.1B, 매출의 17%(전년 22%).","note_en":"Long-time top customer, now second (2025). Mobile APs. NT$645.1B, 17% of revenue (down from 22%).","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F (FY2025, 2025-12-31)","title_en":null,"excerpt":"TSMC 20-F: 2위 고객이 2025년 매출의 17% 차지.","excerpt_en":"TSMC 20-F: second largest customer accounted for 17% of 2025 net revenue."},{"stance":"confirms","publisher":"DigiTimes","publisher_en":"DigiTimes","kind":"news","lang":"en","published_at":"2026-01-22","url":"https://www.digitimes.com/news/a20260122VL205/nvidia-tsmc-apple-demand-ceo.html","title":"Nvidia overtakes Apple as TSMC's largest customer","title_en":null,"excerpt":"Apple은 2위로 밀려 매출의 17%(NT$645.1B), 전년 22%에서 하락.","excerpt_en":"Apple fell to second at 17% of revenue (NT$645.1B), down from 22%."}]},{"direction":"cost","counterparty":"ASML","counterparty_slug":"asml","confidence":"high","metric":{"type":"supply_status","basis":"EUV 노광장비","basis_en":"EUV lithography","qualifier":"sole_source"},"note":"EUV 노광장비 핵심 매입처. TSMC는 EUV 최대 구매사. ASML이 EUV 유일 공급사.","note_en":"Key supplier of EUV lithography tools. TSMC is the biggest EUV buyer; ASML is the sole EUV source.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F (FY2025, 2025-12-31)","title_en":null,"excerpt":"TSMC 20-F: 반도체 제조장비 주요 구매사로서 장비 공급사 관계 관리가 중요.","excerpt_en":"TSMC 20-F: as a major purchaser of fabrication equipment, managing equipment-supplier relationships is important."}]},{"direction":"revenue","counterparty":"Marvell","counterparty_slug":"marvell","confidence":"high","metric":null,"note":"마벨 커스텀 AI칩(N2)과 CoWoS 패키징을 위탁생산하는 파운드리.","note_en":"Foundry for Marvell's custom AI chips (N2) and CoWoS packaging.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-03-11","url":"https://www.sec.gov/Archives/edgar/data/1835632/000183563226000011/mrvl-20260131.htm","title":"Marvell Form 10-K (FY2026, 2026-01-31)","title_en":"Marvell Form 10-K (FY2026, 2026-01-31)","excerpt":"Marvell 10-K: 파운드리·기판 파트너와 예약, CoWoS 등 첨단 패키징 사용.","excerpt_en":"Marvell 10-K: reservation arrangements with foundries and substrate partners, uses advanced packaging like CoWoS."},{"stance":"mentions","publisher":"ZDNet Korea","publisher_en":"ZDNet Korea","kind":"news","lang":"ko","published_at":"2025-06-18","url":"https://zdnet.co.kr/view/?no=20250618153332","title":"美 마벨, 맞춤형 S램 칩 시장 정조준…韓 반도체 업계에 기회","title_en":"Marvell targets the custom SRAM chip market, an opening for Korea","excerpt":"마벨 2나노 공정 커스텀 칩(TSMC).","excerpt_en":"Marvell's custom chips on a 2nm node (TSMC)."}]},{"direction":"revenue","counterparty":"Astera Labs","counterparty_slug":"astera-labs","confidence":"high","metric":null,"note":"Astera의 전 IC를 TSMC가 유일 생산(fabless).","note_en":"Sole foundry for all of Astera's ICs (fabless).","sources":[{"stance":"confirms","publisher":"미국 증권거래위원회(SEC EDGAR)","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-02-10","url":"https://www.sec.gov/Archives/edgar/data/1736297/000173629726000010/alab-20251231.htm","title":"Astera Labs 10-K (2025회계연도)","title_en":"Astera Labs Form 10-K (FY2025)","excerpt":"Astera 10-K: TSMC가 IC의 유일 제조 파트너(아직 대체 미확보).","excerpt_en":"Astera 10-K: TSMC is the sole manufacturing partner for our ICs (no alternative qualified yet)."}]},{"direction":"revenue","counterparty":"Amazon","counterparty_slug":"amazon","confidence":"high","metric":null,"note":"아마존 자체 AI칩 트레이니움(2/3)을 5nm·3nm로 위탁생산하는 파운드리.","note_en":"Foundry fabricating Amazon’s own Trainium (2/3) AI chips on 5nm/3nm.","sources":[{"stance":"confirms","publisher":"글로벌이코노믹","publisher_en":"Global Economic","kind":"news","lang":"ko","published_at":"2025-12-03","url":"https://www.g-enews.com/article/Global-Biz/2025/12/202512031904353239fbbec65dfb_1","title":"아마존, 엔비디아 견제 독자 AI 칩 출시…성능 4.4배","title_en":"Amazon launches its own AI chip to counter Nvidia, 4.4x performance","excerpt":"트레이니움3는 TSMC 첨단 공정으로 생산.","excerpt_en":"Trainium3 is built on TSMC’s advanced node."}]},{"direction":"cost","counterparty":"Applied Materials","counterparty_slug":null,"confidence":"mid","metric":null,"note":"증착·식각 등 전공정 장비.","note_en":"Deposition, etch and other front-end tools.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F (FY2025, 2025-12-31)","title_en":null,"excerpt":"TSMC 20-F: 반도체 제조장비 주요 구매사.","excerpt_en":"TSMC 20-F: a major purchaser of semiconductor fabrication equipment."}]},{"direction":"cost","counterparty":"Lam Research","counterparty_slug":null,"confidence":"mid","metric":null,"note":"식각·증착 장비.","note_en":"Etch and deposition tools.","sources":[{"stance":"mentions","publisher":"SEC EDGAR","publisher_en":null,"kind":"filing","lang":"en","published_at":"2026-04-16","url":"https://www.sec.gov/Archives/edgar/data/1046179/000162828026025362/tsm-20251231.htm","title":"TSMC Form 20-F (FY2025, 2025-12-31)","title_en":null,"excerpt":"TSMC 20-F: 반도체 제조장비 주요 구매사.","excerpt_en":"TSMC 20-F: a major purchaser of semiconductor fabrication equipment."}]},{"direction":"revenue","counterparty":"AMD","counterparty_slug":"amd","confidence":"mid","metric":null,"note":"HPC·AI 가속기(MI 시리즈) 위탁생산.","note_en":"Foundry for HPC and AI accelerators (MI series).","sources":[{"stance":"mentions","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-01-26","url":"https://www.cnbc.com/2026/01/26/nvidia-set-to-supplant-apple-as-tsmcs-largest-customer.html","title":"Nvidia set to supplant Apple as TSMC's largest customer","title_en":null,"excerpt":"AMD 등 HPC 고객이 TSMC 매출 성장을 견인.","excerpt_en":"HPC customers such as AMD drove TSMC's revenue growth."}]},{"direction":"revenue","counterparty":"Broadcom","counterparty_slug":"broadcom","confidence":"mid","metric":null,"note":"커스텀 AI ASIC 위탁생산.","note_en":"Foundry for custom AI ASICs.","sources":[{"stance":"mentions","publisher":"CNBC","publisher_en":"CNBC","kind":"news","lang":"en","published_at":"2026-01-26","url":"https://www.cnbc.com/2026/01/26/nvidia-set-to-supplant-apple-as-tsmcs-largest-customer.html","title":"Nvidia set to supplant Apple as TSMC's largest customer","title_en":null,"excerpt":"Broadcom 등 커스텀 AI칩 고객.","excerpt_en":"Custom AI chip customers such as Broadcom."}]},{"direction":"revenue","counterparty":"Intel","counterparty_slug":"intel","confidence":"mid","metric":null,"note":"Intel의 일부 칩 타일을 위탁생산.","note_en":"Manufactures some of Intel's chip tiles.","sources":[{"stance":"confirms","publisher":"SEC EDGAR","publisher_en":"SEC EDGAR","kind":"filing","lang":"en","published_at":"2026-01-23","url":"https://www.sec.gov/Archives/edgar/data/50863/000005086326000011/intc-20251227.htm","title":"Intel Form 10-K (FY2025, 2025-12-27)","title_en":"Intel Form 10-K (FY2025, 2025-12-27)","excerpt":"Intel 10-K: 외부 파운드리(TSMC 포함)를 제품에 통합.","excerpt_en":"Intel 10-K: incorporates external foundries (including TSMC) into its products."}]},{"direction":"revenue","counterparty":"Microsoft","counterparty_slug":"microsoft","confidence":"mid","metric":null,"note":"마이크로소프트 자체 AI칩 마이아(Maia 100/200)를 N5·CoWoS-S로 위탁생산하는 파운드리.","note_en":"Foundry fabricating Microsoft’s own Maia AI chips (Maia 100/200) on N5 with CoWoS-S.","sources":[{"stance":"confirms","publisher":"서브더홈(ServeTheHome)","publisher_en":"ServeTheHome","kind":"analysis","lang":"en","published_at":"2024-08-26","url":"https://www.servethehome.com/microsoft-maia-100-ai-accelerator-for-azure/","title":"Azure용 마이크로소프트 마이아 100 AI 가속기","title_en":"Microsoft Maia 100 AI Accelerator for Azure","excerpt":"마이아 100은 \"TSMC 5nm\" 공정에 \"TSMC CoWoS-S\" 패키징을 사용.","excerpt_en":"Maia 100 is a \"TSMC 5nm part\" using \"TSMC CoWoS-S\" packaging."}]},{"direction":"revenue","counterparty":"Alphabet (Google)","counterparty_slug":"alphabet","confidence":"mid","metric":null,"note":"구글 자체 AI칩 TPU(아이언우드)를 N3P로 위탁생산하는 파운드리.","note_en":"Foundry fabricating Google’s own TPU AI chips (Ironwood) on N3P.","sources":[{"stance":"confirms","publisher":"트렌드포스","publisher_en":"TrendForce","kind":"analysis","lang":"en","published_at":"2025-11-07","url":"https://www.trendforce.com/news/2025/11/07/news-google-unveils-7th-gen-tpu-ironwood-with-9216-chip-superpod-taking-aim-at-nvidia/","title":"구글, 7세대 TPU 아이언우드 공개 — 9,216칩 슈퍼팟","title_en":"Google unveils 7th-gen TPU Ironwood with 9,216-chip superpod","excerpt":"아이언우드는 TSMC 공정에 HBM3E 192GB를 탑재.","excerpt_en":"Ironwood is built on a TSMC process with 192GB of HBM3E."}]},{"direction":"revenue","counterparty":"Meta","counterparty_slug":"meta","confidence":"mid","metric":null,"note":"메타 자체 AI칩 MTIA를 5nm로 위탁생산하는 파운드리.","note_en":"Foundry fabricating Meta’s own MTIA AI chips on 5nm.","sources":[{"stance":"confirms","publisher":"톰스하드웨어","publisher_en":"Tom's Hardware","kind":"analysis","lang":"en","published_at":null,"url":"https://www.tomshardware.com/tech-industry/semiconductors/custom-ai-asics-examined-from-broadcom-to-mtia","title":"커스텀 AI ASIC 현황 — 브로드컴·구글 TPU·메타 MTIA","title_en":"The custom AI ASIC state of play — Broadcom, Google TPUs, Meta MTIA","excerpt":"MTIA v2는 TSMC 5nm 공정으로 양산.","excerpt_en":"MTIA v2 is produced on TSMC 5nm."}]}]}